Customer Data Platforms Global Market Report 2024

Customer data platforms refer to software that gathers and organizes first-party customer data from many sources to provide a single, coherent, and comprehensive view of each customer to generate more personalized marketing campaigns by integrating data from several platforms to produce a single, consolidated customer database with information on all contact points and engagements.

The main types of customer data platforms are analytics, access, and campaigns. The analytics customer data platforms are used to analyze customer behavior and patterns. Analytics is the process of discovering, interpreting, and communicating significant patterns in data. The various components include solutions and services that are deployed on the cloud and on-premises. The several organizations for the customer data platform are large enterprises and small and medium-sized enterprises that have various end users, including BFSI, retail and ecommerce, healthcare, manufacturing, media and entertainment, IT and telecom, and others.

The customer data platform market research report is one of a series of new reports that provides customer data platform market statistics, including customer data platform industry global market size, regional shares, competitors with a customer data platform market share, detailed customer data platform market segments, market trends and opportunities, and any further data you may need to thrive in the customer data platform industry. This customer data platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The customer data platforms market size has grown exponentially in recent years. It will grow from $4.47 billion in 2023 to $5.83 billion in 2024 at a compound annual growth rate (CAGR) of 30.4%. The growth in the historic period can be attributed to growing importance of customer-centric strategies, proliferation of data sources, rise of digital transformation initiatives, increased focus on customer experience (cx), regulatory changes and data privacy concerns.

The customer data platforms market size is expected to see exponential growth in the next few years. It will grow to $17.68 billion in 2028 at a compound annual growth rate (CAGR) of 32.0%. The growth in the forecast period can be attributed to greater demand for real-time personalization, increased importance of unified customer profiles, evolution of subscription-based business models, demand for cross-channel marketing capabilities, enhanced data governance and security measures. Major trends in the forecast period include evolving cdp vendor landscape, cross-channel personalization, customization and flexibility, increased demand for customer analytics, cloud-native cdps.

Growth in the retail and e-commerce industry is expected to propel the growth of the customer data platform market going forward. Ecommerce is the buying and selling of goods and services over the internet whereas the retail industry consists of all companies that sell goods and services to consumers. A customer data platform (CDP) is helpful for retail and e-commerce marketing as it makes data available to marketers and helps in personalized and targeted marketing campaigns. For instance, according to India Brand Equity Foundation, an Indian government export promotion agency, India’s e-commerce market is expected to reach USD 111 billion by 2024 and USD 200 billion by 2026. The retail industry achieved 96% of pre-COVID-19 sales in September 2021, driven by the rising demand from consumers. Therefore, the growth in the retail and e-commerce industry will drive the customer data platforms market growth.

The rise in the penetration of smartphones is expected to drive the growth of the customer data platforms market. Smartphones are multifunctional handheld devices that combine communication, computing, and various other features, typically equipped with a touchscreen interface. Customer data platforms can seamlessly integrate and analyze diverse customer data from smartphones. Companies are increasingly recognizing the value of this comprehensive customer data in tailoring personalized experiences. The demand for CDPs is thus propelled by the imperative to harness smartphone-generated data for targeted marketing, customer engagement, and informed decision-making, positioning them at the forefront of the evolving landscape of data-driven marketing strategies. For example, in March 2023, according to Zippia, a US-based company that provides online recruitment services, there were 307 million smartphone users in the USA and nearly 85% of American adults use smartphones. Therefore, the rise in the penetration of smartphones propelled the customer data platforms market.

The AI-driven customer data platform is a key trend gaining popularity in the customer data platform market. Strong data architectures and robust AI and customer analytics solutions enable better kinds of experiences and deliver brand loyalty and growth. The major players in the market are focusing on AI-driven customer data platforms for market growth. For instance, in July 2021, Adobe Inc., a US-based computer software company providing customer data platform services introduced a new service for adobe commerce called Live Search. Adobe's official search solution aims to take search to the next level by using AI (Adobe Sensei) and other cutting-edge technology, which will help use data and insights to drive real-time relevance and personalized experiences for the users.

Major companies operating in the customer data platform market are adopting a strategic partnership approach to expand offerings. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in March 2023, LiveRamp, a California-based SaaS company that offers a data connectivity platform, partnered with Adobe Real-Time Customer Data Platform (CDP), part of Adobe Experience Cloud, a collection of integrated online marketing and web analytics products by Adobe Inc., a California-based computer software company, to enhance insights and activation with RampID. RampID from LiveRamp enables businesses to activate their first-party data and interact with customers at the appropriate time with the right message. Through this partnership, marketers can instantly link their first-party data to RampID, allowing them to create more intelligent audiences for extra insights and improved personalization.

In August 2022, mParticle, a US-based customer data infrastructure company, acquired Vidora for an undisclosed amount. The acquisition is expected to help mParticle to better serve its customers by providing them with the ability to create and deploy AI models across mParticle's partner ecosystem of 300+ API integrations. This will help customers to improve their decision-making, segmentation, and personalization. Vidora is an US-based machine learning platform that focuses on consumer data .

Major companies operating in the in the customer data platforms market report are Oracle Corporation, SAP SE, Adobe Inc., Salesforce Inc., Microsoft Corporation, SAS Institute, Teradata, Nice Systems Ltd., Dun & Bradstreet, Leadspace, BlueVenn, BlueConic Inc., Terminus, Tealium Inc., Agilone LLC, mParticle Inc., Segment. Io Inc., CaliberMind, Celebrus, Ascent360 Inc., Lytics Inc., ActionIQ Inc., Optimove, Exponea Ltd., Ensighten Inc., Twilio Inc., Acquia Inc., Zeta Global Corp, Totango, Insider

North America was the largest region in the customer data platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer data platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the customer data platforms market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The customer data platform market includes revenues earned by entities by gathering and integrating first-party customer information from various sources to create a single, coherent, and comprehensive picture of each customer. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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